British landlords are becoming increasingly confused by buy-to-let legislation, and struggling to effectively meet compliance measures and avoid legal complications, according to a new study.
The report, carried out by consumer group Designs on Property, with the support of the TDS Charitable Foundation, found that one in five UK landlords fail to do any research whatsoever prior to renting out their property.
A further 40 per cent of landlords told Designs on Property that they became a landlord ‘accidentally’ and were confused by ever-changing buy-to-let rules and regulations.
Separate research has revealed that approximately 71 per cent of UK landlords fall into the ‘accidental landlord’ category, and that 62 per cent are unaware of the importance of changes to mortgage tax relief, or the EU’s Mortgage Credit Directive (MCD).
Landlords are warned that a failure to implement and fulfil the correct legislation when renting out a property can all too easily lead to landlord-tenant disputes.
Designs on Property’s Kate Faulker, said: “There are currently 145 lettings rules and regulations on letting. Not only do they seem to be changing all the time but they can vary from one local authority to another.
“It’s no wonder landlords are confused, and struggle to keep up with the law, particularly if they are letting out property in another part of the country to where they live.”
“Even if they do their own research about rules and regulations, it can be still be confusing and the report suggests experienced landlords struggle too.”
Designs on Property’s findings highlight the importance of sound legal advice.